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Wolf Minerals Provides Funding Update
Aug. 14, 2018 05:37AM PST
Wolf Minerals primary focus is the advancement of a large tungsten resource at its Drakelands Mine, located at Hemerdon, in southwest England.
Australian speciality metals producer Wolf Minerals Limited (ASX:WLF,LSE:WLFE) reports it has now executed all necessary full form standstill, amended and restated agreements relating to the company’s debt facilities with its existing senior lenders and bridge loan facility to support Wolf’s short-term working capital requirements until the end of October.
Wolf Minerals primary focus is the advancement of a large tungsten resource at its Drakelands Mine, located at Hemerdon, in southwest England.
As quoted from the press release:
The company has received guarantor consent from the German government’s untied loan guarantee scheme (Ungebundene Finanzkreditdeckung – UFK) to enter into and implement the relevant agreements, which (amongst other things) confirm the deferral of principal, interest and other amounts that were due in relation to the senior debt at the end of July 2018.
In addition, the company has received:
- the initial tranche of £2 million from the additional £4 million, secured priority loan (Priority Bridge Loan) under the amended and restated bridge facility; and
- the initial £0.9 million of the £1.7 million available from the cash balance previously restricted for use on the noise and vibration management plan.
The further standstill arrangements provided for by the agreements will commence on satisfaction of the relevant conditions precedent, which Wolf expects to take place within the next few days. Those arrangements include certain waivers of, and amendments to, the senior debt and bridge facility conditions for any non-compliance prior to or during the standstill period. The further standstill arrangements terminate on the earlier of October 28, 2018 or the occurrence of specific limited events of default.
